|By Marketwired .||
|July 14, 2014 04:30 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/14/14 -- Eastern Platinum Limited ("Eastplats" or the "Company")(TSX:ELR) (JSE:EPS) is pleased to announce that it has received the approval of the Toronto Stock Exchange (the "TSX") to proceed with its previously announced stock consolidation and stock split effective July 15, 2014.
Pursuant to a special resolution passed by shareholders on June 12, 2014, the Company will proceed with the consolidation of its common shares on a 1,000 old for 1 new basis (the "Consolidation"). Shareholders holding less than one full share post-Consolidation are entitled to a cash payment of $0.11 per share of their holdings on a pre-Consolidation basis in lieu of a fractional share, such amount being equal to the average weighted trading price of the pre-Consolidated Shares on the TSX for the ten trading days preceding the effective date of the Consolidation. Following the Consolidation, the Company will immediately complete a stock split on the basis of 1 old for 100 new, with fractional shares being rounded to the nearest whole number (the "Stock Split"). The Consolidation and Stock Split will achieve a 10 to 1 consolidation (the "Effective Consolidation") and eliminate all of the shareholdings of less than 1,000 pre-Consolidation shares in exchange for the cash payment of $0.11 per share.
Effective at market opening on July 18, 2014, the Common Shares of Easplats will commence trading on the TSX on the Effective Consolidation basis. The Company's CUSIP and ISIN numbers will change to 276855509 and CA2768555096, while the trading symbol will remain unchanged.
Letters of transmittal will be mailed to all registered shareholders. In order to obtain their new share certificates or a cash payment as the case may be, each shareholder must complete and send the letter of transmittal along with their share certificates to the Company's transfer agent, Computershare Investor Services Inc., as detailed in the letter of transmittal. Shareholders who hold their shares through a broker will not be sent a letter of transmittal and will not have to follow this procedure.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.